How to be a responsible investor?
There are risks associated with trading digital currency. Digital currencies are volatile and the prices can go up and down. Due to the rapidly changing price of digital currencies, some customers may not have sell limits that are sufficient relative to the value of total digital currency they are storing on Werecoin. Sell limits are one of the many measures Werecoin takes to protect client accounts and assets.
Please pay attention to these items on your accounts:
- Ensure your email address is properly receiving all communications and notifications from Werecoin.
- Ensure your two-factor authentication is updated and functional. If you have recently switched mobile devices, your two-factor authentication needs to be properly migrated to the new device. In addition, please migrate from SMS two factor to Google Authenticator to enhance the security on your account, if you have not already done so.
- Familiarize yourself with your buy and sell limits.
- Complete any pending identity verifications. During times of significant volatility, ID verification may become degraded or unavailable.
- Expect payments to take the maximum number of days indicated when making a deposit or withdrawal.
ID verification is required to prevent fraud and keep the community safe. It also adds an extra layer of security by ensuring no one but you links your payment information such as your bank account or credit/debit card.
As part of our commitment to remain the most trusted cryptocurrency platform, all IDs must be verified through the Werecoin website or mobile app. We do not accept emailed copies of ID for verification purposes.
Identity Upload Troubleshooting
When uploading your photo ID:
- Ensure that your document is valid and not expired, without hole punches or other modifications
- Ensure your document is in a well-lit area without glare. Natural sunlight is best
- Photograph the entire document and avoid cutting off any corners or sides
- Ensure the ID is fully visible and in focus
- Use an up-to-date browser to complete the verification
- Try using your mobile device. In some instances you can use the mobile app to complete the ID verification step using your phone’s camera. The ‘Identity Verification’ section can be found under ‘Settings’ in the app
- Make sure the app or program you use to take the pictures does not add any logos or watermarks
- Do not obfuscate any information on the ID
- If you make a mistake, refresh the page to restart the process. Do not attempt to complete the process if you know there is an error
When providing a “selfie” photo of your face:
Note that this may be required for account recovery if you lose your 2-Factor Authentication device or additional security is required for an action you are trying to perform.
- Make sure the light is coming from in front of you, not behind you, such that your face is clearly visible without backlighting
- Face the camera directly and include from your shoulders to the top of your head, similar to a passport or ID photo
- Use a plain wall as a background if possible
- Do not wear sunglasses or hats
- If you are wearing glasses in your ID photo, wear them in your selfie photo. If you are not wearing glasses in your ID photo, remove them for your selfie photo
ID Verification FAQs
I see an error “Unable to upload your ID”
This error indicates that there was an issue connecting to our ID verification service. When you see this, please wait 15 minutes and try to verify again.
I already uploaded my ID and am being asked to upload it again
In some cases, we require an additional verification in order to enable or continue trading services. You will be prompted to select an ID type, and then an upload method.
I tried uploading my ID and it says I have to wait 24 hours to try again
If your account has been locked out from completing the ID verification for 24 hours, unfortunately we do not have a way to bypass this restriction. Please wait 24 hours and try the upload again. If you keep encountering issues with the verification, it may be necessary to follow some of the troubleshooting tips above to complete the ID verification, such as trying a different browser or device.
I’ve provided my photo ID but still unable to buy or sell
We may need to verify some additional information. Please ensure the Personal Details section is completed.
What is 2-factor authentication (2FA)?
Two-factor authentication (2FA), also known as 2-step verification, is a security layer in addition to your username and password. With 2FA enabled on your account, you will have to provide your password (first “factor”) and your 2FA code (second “factor”) when signing in to your account. 2FA codes are associated with a specific device (such as your phone) or your phone number.
There are several 2FA technologies. TOTP is an algorithm that generates a code based on the current time and a secret key known only to you and the online service, in this case Google Authenticator, this allows a very good security level, second only to hardware based 2FA. SMS/Text is a Phone app authentication or text based authentication. It is less secure than TOTP.
How does TOTP work?
Werecoin shows you a QR code, which is a representation of the secret key, which you then scan using an Authenticator app on your mobile device. Google Authenticator and several other authenticator apps allow you to generate TOTP codes using your mobile device or computer.
Why is SMS/Text the least secure?
Since SMS and the Authy app are linked to a phone number, they can leave you susceptible to phone number porting attacks. These types of attacks involve an attacker transferring or “porting” a victim’s phone number to a device the attacker controls, effectively taking over the number and associated 2-factor authentication codes.
Managing Google Authenticator
Google Authenticator provides an extra layer of security. Since the Google Authenticator app is not tied to your phone number (you’ll still need a phone number associated with your Werecoin account in order to buy or sell digital currency), you will be protected even in the event of an attacker compromising your phone number.
When using Google Authenticator for your 2-step verification codes, you will still be protected even if your password is stolen and your phone number is ported. When using Google Authenticator, the only way to generate 2-step verification codes is by physically accessing your Google Authenticator app.
I have lost my password
In the event you forget your password, please use the following steps to successfully reset your password:
- Visit the Password Reset page.
- Enter your email address and click “reset password”.
- This will send an email to the email address you entered. You must click the link in the email to open the new password page.
- Type in the new password you want to use, twice, and click the confirmation button.
- You can now use your new password to Sign In.
Dont have Google/SMS Auth Token with you?
If you don’t have access to your mobile device with Google Auth token follow below Steps.
Accounts protected by two-factor google verification:
If your account is protected by two-factor verification, not just by SMS, follow these steps to update your email reset:
- Sign in using your registered email address and password, It will move you to next screen to add token.
- Select “Lost your google authenticator” when you are prompted to verify.
- You will get a mail with with “Secret key” and will be populated to new screen to add that secret key.
- Add your received Secret key there to verify the account.
- In any case if “Secret key” doesn’t work, Click on “If not, Request to reset your setting”.
- A mail to verify your request will be forwarded to your registered mail, from where you can verify your request and reset your 2 FA Google authentication setting to default i.e it will be disabled.
- Now you can use your email id and password to get logged in without google authentication and then enable it from Setting screen.
Accounts protected via SMS tokens and phone is not available or lost?
- If your account is protected by SMS and you lost your mobile phone then try below steps to reset your security settings.
- Login using registered e mail id and password.
- Click on “Phone number is unavailable”.
- A mail to verify your request will be forwarded to your registered mail, from where you can verify your request and reset your 2 FA SMS authentication setting to default i.e it will be disabled.
- Now you can use your email id and password to get logged in without SMS code and then enable it from Setting screen.
I provided my Tezos address. How do I contribute now?
If you provided your Tezos address and your KYC is OK then we have whitelisted your address in the Coin Offering Smart Contract. You can directly send your XTZ to the smart contract with the Contribute entry point.
The Smart contract address is : KT1KbPPik7Ri4VibBfyHnVHhXYSVoj5otS67. We recommend using Temple Wallet and https://better-call.dev/mainnet/KT1KbPPik7Ri4VibBfyHnVHhXYSVoj5otS67/interact?entrypoint=contribute . You can do as many contributions as you want, just remember : the sooner, the cheaper…
You will appear in the contributor list and your contributions will be visible as well as your Reserved WRC. At the end of the locking period, calling the entry point withdraw_WRC will convert your reserved WRC into proper WRC
PS : you can place an order in your Werecoin Account for your own records if you want…
How to close an account?
To close your account, please contact us.
Note that you will need to have a zero balance before your account can be closed. If you still have a remaining balance in any of your wallets, you’ll need to send your funds to an external wallet or other Werecoin user.
What is a Security Key?
A security key is a physical hardware authentication device designed to authenticate access through one-time-password generation. Werecoin doesn’t currently support Universal Second Factor (U2F) security keys.
What is Bitcoin?
Bitcoin is a new kind of money that can be sent from one person to another without the need for a trusted third party such as a bank or other financial institution; it is the first global, decentralized currency.
Bitcoin was originally released in 2009 by Satoshi Nakamoto as a piece of software and a paper describing how it works. Because Bitcoin is fundamentally software, anybody can run it on their computer, and therefore participate in a global economy.
One of the most important elements of Bitcoin is the blockchain, which tracks who owns what, similar to how a bank tracks assets. What sets the Bitcoin blockchain apart from a bank’s ledger is that it is distributed, meaning anyone can view it. Since Bitcoin is open, no company, country, or third party is in control of it, and anyone can participate.
One can use bitcoins to purchase goods on the internet and in stores. The following are some unique properties of Bitcoin:
- Bitcoin is global: Bitcoins can be sent to someone across the world as easily as one can pass cash across the counter. Bitcoin isn’t closed on weekends and doesn’t impose any arbitrary limits.
- Bitcoin is irreversible: Bitcoin is like cash in that transactions cannot be reversed by the sender. In comparison, credit card, popular online payment systems, and banking transactions can be reversed after the payment has been made – sometimes months after the initial transaction.
- Bitcoin is private: When paying with bitcoins, there are no bank statements, and one need not provide unnecessary personal information to the merchant. Bitcoin transactions do not contain any identifying information other than the bitcoin addresses and amounts involved.
- Bitcoin is secure: Due to the cryptographic nature of the Bitcoin network, Bitcoin payments are fundamentally more secure than standard debit/credit card transactions. When making a Bitcoin payment, no sensitive information is required to be sent over the internet. There is very low risk of your financial information being compromised, or having your identity stolen.
- Bitcoin is open: Every transaction on the Bitcoin network is published publicly, without exception. This means there’s no room for manipulation of transactions, changing the money supply, or adjusting the rules mid-game. The software that constitutes the core of Bitcoin is free and open-source so anyone can review the code
What is Ethereum?
Ethereum is a decentralized blockchain platform founded in 2014 by Vitalik Buterin. Like Bitcoin, Ethereum is an open-source project that is not owned or operated by a single individual. This means that anyone, anywhere can download the software and begin interacting with the network.
Unlike the Bitcoin network, the primary purpose of Ethereum is not to act as a form of currency, but to allow those interacting with the Ethereum Network to make and operate ‘smart contracts’ without having to trust each other or use a middleman. Smart contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third party interference – a smart contract will work exactly the same every time it is used.
Ethereum uses a ‘virtual machine’ to achieve all this, which is like a giant, global computer made up of many individual computers running the Ethereum software. The virtual currency unit that allows this system to work is called ether. People interact with the Etherum network by using ether to pay the network to execute smart contracts.
Ethereum aims to take the decentralization, security, and openness afforded by blockchains and extend those to virtually anything that can be computed.
What is a Bitcoin wallet?
Similar to a traditional wallet you may carry in your pocket, a bitcoin wallet is used to store money. The difference is that instead of storing a collection of bills and cards, a bitcoin wallet stores a collection of bitcoin private keys. Typically a wallet is encrypted with a password or otherwise protected from unauthorized access.
Unlike the Bitcoin network, a Bitcoin wallet is controlled only by its owner (it’s not distributed and shared like the blockchain). It’s important to keep your bitcoin wallet safe by either setting a strong password or otherwise keeping it out of reach of malicious individuals.
Types of Wallets
There are many different bitcoin wallets to choose from, each providing different features. All bitcoin wallets must conform to the established Bitcoin protocol so they can all be used to send and receive funds regardless of their specific implementation. This is similar to email where you have many choices of email providers but they all “speak the same language” and are able to send messages to each other.
There are several main categories of Bitcoin wallets:
Web wallets allow you to send, receive, and store bitcoin all through your web browser. They are typically hosted by a provider that manages the security of the private keys associated with your account, although some types of web wallets provide ways for you to remain in control your private keys. Web wallets are generally more convenient than other types of wallets since you don’t have to worry about accidentally deleting a wallet from your computer (and losing your bitcoins).
The main criticism of most web wallets is that you relinquish some control since web wallets usually manage private keys on your behalf. This means that security must be taken very seriously by the wallet provider. Like any other online account, it’s also important for customers to take care of security.
It’s also possible to install wallet software directly on your computer. This allows an individual to have full control (and responsibility) over their wallet.
In a desktop wallet, the private keys are stored on a hard drive so it’s only possible to access the funds using the computer the wallet is installed on. If the wallet file were to become corrupted with no backup available, the bitcoins stored in that wallet would be lost forever. For this reason it’s extremely important that strong passwords are used and reliable backups are made of any desktop wallet. It’s equally important that the wallet and any backups are kept safely out of reach of malicious individuals.
Desktop wallets fall into two main categories known as “full nodes” or “light” clients. Full nodes host a full copy of the blockchain (about 31 GB as of January 2015) while light clients provide only bitcoin storage capabilities while depending on an external source to read the blockchain. More information and examples of wallets can be found here.
Mobile wallets are simply bitcoin wallets designed for a mobile device. This means they can easily scan QR codes, are easy to navigate with a touch screen, and are accessible while on the move. Mobile wallets are almost always “light” clients in that they do not store a full copy of the blockchain.
A hardware wallet is a specialized type of device designed specifically to store bitcoins. The advantage is that hardware wallets are much more difficult for a malicious user to compromise when compared to a desktop or mobile wallet since they use the bare minimum amount of software required to safely store bitcoins.
Paper wallets are a way to embody bitcoins in a physical medium such as paper or metal. Like a printed bank note, if a paper wallet is lost or destroyed, then the bitcoin stored on it are gone forever.
A brain wallet is a Bitcoin wallet that is generated from a passphrase. It’s similar to a paper wallet in that if the passphrase is lost, so are the bitcoins stored in that brain wallet. While it may be appealing to store bitcoins entirely within your memory, it should be cautioned against due to the challenge of using a sufficiently secure passphrase
What is the blockchain?
The blockchain is a distributed, public ledger that contains the history of every bitcoin transaction. Anyone can download a copy of the blockchain, and it can be inspected to trace the path of bitcoins from one bitcoin transaction to another. It should be noted that while there is a record of every bitcoin transaction ever made, these transactions are not inherently linked to real life identities. For this reason, Bitcoin is considered pseudonymous.
Bitcoins themselves are not files stored on your computer’s hard drive like MP3s or PDFs. Rather “owning bitcoins”, means owning a bitcoin address, which has a balance recorded on the blockchain. What it means to own a bitcoin address is to control the associated private key, and therefore allow the signing of transactions.
What is a Block?
A Block refers to a set of Bitcoin transactions from a certain time period. Blocks are “stacked” on top of each other in such a way that one block depends on the previous. In this manner, a chain of blocks is created, and thus we come to the term “blockchain”.
Finding and publishing new blocks is what Bitcoin miners do to earn bitcoins. Whenever a new block is broadcast, approximately every 10 minutes, a quantity of bitcoins is received by the miner who solved that block. Bitcoin miners keep the network secure, and this is how they are rewarded. This system ensures that all transactions are valid, and keeps the bitcoin network secure from fraud.
If you’ve ever waited for a new bitcoin transaction to be confirmed, you were waiting for a new block to be published containing your transaction. When that happens, the bitcoin network has deemed your transaction valid. Werecoin currently requires three network confirmations before the transaction is considered finalized, however this number will vary with other Bitcoin services.
How can I view the Blockchain?
There are many “block explorer” services which allow you to look at what’s in the block chain. One example is https://blockchain.info/.
You can look at recent blocks here: https://blockchain.info/blocks
Is Bitcoin secure?
The Bitcoin network and currency has proven to be secure, functional, and efficient. The technology used to build Bitcoin is mathematically secured, and is constantly being improved upon by the open-source community. The software is constantly inspected and audited by this growing community.
Though there have been Bitcoin-related compromises in the past, this does not reflect upon the security of the Bitcoin network itself. Bitcoin-related thefts are usually the result of improper security or negligence on the part of the person or service holding the bitcoins. If you left your wallet on a park bench and it was stolen, it would not be considered a “hack” of the dollar. This is why it is important to trust the security practices of any Bitcoin-related service you use. As more stakeholders become interested in the success of Bitcoin, the system will become more secure, as increasingly significant resources are being devoted to closing security holes and thoroughly vetting any proposed changes.
Why Bitcoin and crypto currencies?
Here are the most popular reasons people choose to use bitcoins and crypto currencies.
Peer to Peer
When you send bitcoins to someone else, there is no required involvement from a payment processor. This means the fee for each transaction is very small — from zero to negligible.
Being peer to peer also means that there’s no central entity controlling the network. There’s no need to trust or receive permission from any specific person or organization to participate in the Bitcoin network. For this reason, Bitcoin is global and resilient to problems that have plagued traditional currencies.
Effortless online payments
In many cases, using bitcoin is the easiest and quickest way to make a payment on the internet. When making a donation, or buying a digital item that doesn’t require shipping, Bitcoin doesn’t require any personal information. The merchant doesn’t need any information, because they aren’t charging you (like a credit card), rather you are sending them the payment (like cash).
Reduced risk for merchants
Accepting traditional credit card payments is not only expensive for merchants, it also leaves them open to fraudulent payment reversals and chargebacks. Since Bitcoin payments are not reversible, once a merchant has received payment, they can be sure that the payment will not be cancelled fraudulently. If a merchant doesn’t have access to traditional credit card or payment networks, Bitcoin enables them access to the global economy instantly, and with negligible fees.
Complete control over your money
Bitcoin enables the freedom to store and control your money in an unprecedented manner. Free from restrictions, penalties and fees commonly imposed by banks, you are empowered to make decisions about your finances that were previously the domain of financial institutions and governments.
Bitcoin enables you to take personal responsibility for your savings. Money without the need to trust a third party is something Bitcoin enables that has never existed before. Trusting third parties isn’t necessarily bad, but having the option is important.
As an investment
In its short life and as of this writing, the value of a bitcoin has been measured at everything from less than one penny, to over a thousand US Dollars. It is clearly a risky investment, with the possibility of significant financial gain for some, but not all.
Many compare the Bitcoin network at its current stage of development to the internet 20 years ago. There are still many questions about how it will be used, and about the scale of its impact as the network matures. Bitcoin is considered a store of value like gold, but it can also serve as a method of transferring funds internationally. The future value of a bitcoin will depend on what role(s) the Bitcoin network assumes over time in the global economy.
Be part of a movement, and a community
Bitcoin is exciting, and bitcoin users are interesting people! Whether you want to use bitcoins to buy something online, accept Bitcoin payments for your business, or even develop your own software on top of the Bitcoin network, there’s a vibrant community of motivated people that would love to help you. Since Bitcoin is such a new concept, there are many new applications and use cases that have yet to be realized.
Does WereCoin provide financial advices?
WereCoin does not provide financial advice. Whether or not to invest in bitcoin is something everyone must decide for themselves. Common advice is not to invest more than you can afford to lose.
What are smart contracts?
Smart contracts are an important part of some digital currency networks, such as Ethereum and Ethereum Classic, which allow the use of programmatic logic to automatically execute actions based on the transaction input sent to the contract. Smart contracts can be simple or complex, and can become the building blocks for many automated systems such as token sales, autonomous organizations, etc.
Can I send Ethereum (ETH) to a smart contract from my Werecoin account?
We recommend customers do not send funds to smart contracts from their Werecoin account since contracts often have special requirements.
A smart contract may require additional transaction costs, be within a certain time frame, have additional data sent along with the transaction, or have other special requirements which are not possible to guarantee when sending a transaction from Werecoin. You should instead use a wallet software that gives you complete control when sending transactions to smart contracts.
When a transaction sent to a smart contract from your Werecoin account fails, we will endeavor to make sure the funds are credited back to your account promptly. The transaction fee paid to the network is not refundable as it is consumed when sending the transaction.
If you are missing funds from a failed transaction, please contact our support team.
Why are crypto currencies volatile?
Digital currency value can be volatile when compared to more established currencies and commodities. This can be attributed to its relatively small market size, and it means that a smaller amount of money can move digital currency prices more significantly.